Audit

The average U.S. household is paying an annual surtax of more than $3,000 to subsidize taxpayers who aren’t paying all they owe, a new report from the Taxpayer Advocate Service found.

CPAs should be wary of these seven client requests around revenue recognition.

Avoid some of the problems that can come up during an audit by using the wrong words.

The Internal Revenue Service’s announcement last month delaying a requirement for reporting partners’ share of partnership capital offers some extra time to busy tax practitioners, but the issue still isn’t going away and may lead to some other problems.

Technology is less a threat to the audit than a tremendous opportunity, experts say.

The American Institute of CPAs’ Digital Assets Working Group has released a practice aid to offer guidance on how to account for and audit digital assets such as Bitcoin and other forms of cryptocurrency.

The Securities and Exchange Commission is proposing a set of amendments to the auditor independence rules that have been in place since the early 2000s, allowing firms more leeway in determining conflicts of interest and shortening the lookback period for clients planning to go public.

The International Accounting and Assurance Standards Board has released a revised standard for identifying and assessing the risks of material misstatements.

Business leaders will be contending with ongoing economic uncertainty and unknown future regulatory changes, along with accounting and tax changes, that could have an impact on their ability to effectively compete and achieve their financial targets in 2020 and beyond, according to a recent report.

The Public Company Accounting Oversight Board has released a document providing information from its conversations with nearly 400 chairs of audit committees.

The Public Company Accounting Oversight Board has issued a concept release proposing a new approach to changing its quality control standards, the biggest change since 2003.

Erik Asgeirsson describes the new audit tools and many other developments coming out of CPA.com and the American Institute of CPAs.

The $284.7 million budget is an approximately 4 percent increase over 2019.

The year-long review recommends a number of sweeping changes to the profession.

CCH Axcess Knowledge Coach still allows for auditor professional judgement in the audit process.

These five attributes are key for successfully leading auditing forward.

Technology is ready to disrupt this core service of the profession, and that's going to require a serious response from auditors, according to Alan Anderson of Accountability Plus.

CPAs are in a great position to benefit from a heightened need for certainty in the future, says the AICPA’s Barry Melancon.

The IRS is concerned that taxpayers are not properly recognizing the gain or loss on partial dispositions of building components.

The quality of corporate governance was graded at C+ at best by a group of chief audit executives, according to a new report from the Institute of Internal Auditors and the Neel Corporate Governance Center at the University of Tennessee in Knoxville.